Importer exporter code number or iec code no in india. After the implementation of the goods and services tax, traders would have to declare only their gst identification number at the time of import or export, the commerce ministry said today. Certificate from stpi software technology park of india for approving software services being exported, foreign inward remittance certificate, all type of communication with customer with regard to rendering of service. Who all are exempt from taking import export code iec. Scheme was introduced under foreign trade policy 201520. Sale deed rent agreement lease deed electricity bill telephone land line bill mobile postpaid bill mou partnership deed other acceptable documents. Without iec code, no importer and exporter are authorised to do import export business. Gst export invoice format configuration in tally youtube. Software exports gst makes it difficult to do business. Iec code export data india with hs code, iec code exporters. There have been many changes in last few weeks before gst was launched in the igst law. International trade or business has been growing at an increasing.
Import export code iec online application business setup. Mandatory documents to be uploaded for new iec a bank certificate preprinted cancelled cheque required b address proof of the firm required any of the following documents. Service providers, who are also rendering services outside india always had this doubt, whether they also need to get themselves registered and get import export code. What is the difference between an import export licence and. Now, no iec code shall be required for import export, as decided by the government via notification as a result, the importerexporters need not apply for separate iec code for import export in india. Iec stands for importer exporter code legal provisions as per section 7 of foreign trade development and regulation act, 1992. The entire gst law has been written with physical goods in mind but applied equally to both goods and services.
Advance remittance received towards exports import export code iec allotted by dgf t is mandatory. Government of india has introduced the service exports from india scheme seis under the foreign trade policy ftp 201520, replacing the earlier scheme served from india scheme under foreign trade policy, 200915. India is the 3rd largest startup ecosystem in the world so there are lot of the tech entrepreneurs whose are running the software companies or freelancer which gives their services in the foregin countries but they are always confuse about the iec code import export code. Get import export code iec registration done quickly at legaldocs. Currently, all exporters and importers declare their iec importexport code.
The applicant shall have the option to choose jurisdictional regional officer on the basis of the corporate office registered office head office branch office address endorsed on iec. Now, no iec code shall be required for importexport, as decided by the government via notification as a result, the importerexporters need not apply for separate iec code for import export in india. Another step has been taken by the government of india for ease of doing business. Whereas the license for export or import is a permission from central government to undertake any activity of import or export in goods which is restricted. Obtain an import export code iec furnish a lut or bond in case exports are intended to be made without payment of taxes ensure that a. The iec issued is valid for all the branches or factories of the importerexporter, as the case may be. What is the difference between an import export licence. Stp setup unit export procedures developed software can be exported through data communication link or physical media and software can be developed at customer site abroad by deputing software professionals of. Iec is a unique identification of the importer or exporter with the dgft iec code is always valid unless cancelled or surrendered. Iec import export code license is an important prerequisite when youre thinking of importing or exporting from india. Iec 000011 all ministries departments of central government and. Inward remittance for advance payment against exports and.
Is iecimport and export code mandatory for indian software. Iec code not required for importexport under gst regime. The other scheme is merchandise exports from india scheme meis the details of service exports from india scheme seis. If you are dealing with clients within india, it is not required.
This is required in case you are seeking to import or export any kind of product range. With the recent amendment the iec code is the entities pan number. Technically speaking, iec is a 10digit number granted by the directorate general of foreign trade dgft to any indian entity seeking to do international trade this code is better known in india simply as an export license, and is easy to apply for and get. Electricalom electrical design and calculations modecsoft. Before you begin the business in the international market, the first prerequisite would be to obtain an import export code or iec. Today we guide on how to start import export business in india legally. No person or entity shall make any import or export without iec code number. Inward remittance received in advance towards merchant trade before import. Apply online for iec importer exporter code with dgft, and pay fee of rs.
An import export code is issued for the lifetime of your importexport business person requires any renewal process. As per the latest trade circular by the dgft, the pan shall be construed as new iec code for the purpose of. Developed software export from india by stp setup unit and. Importers are not allowed to proceed without this code and exporters cant take benefit of exports from dgft, customs, export promotion council, if they dont have this code. Documents required for exports customs clearance apply iec code. Any person desirous of making an export from or import into india must obtain iec number.
The last date for filing an application for claiming incentives for service exporters under this scheme is 12 months from the end of relevant financial year. Iec code is issued for the lifetime and requires no renewal. The generation of shipping bill number is according to the serial order all over the country. Import export ie code is a registration required for persons importing or exporting goods and services from india. Mar 25, 20 so technically speaking, if i create even one software program and sell it to a party based in the united states, it is an export and i need to get an iec. Difference between import export code iec and import license. Following categories of importers or exporters are exempted categories from obtaining iec number. The list includes people who provide software consulting, development and allied services which covers about 40% of all neo entrepreneurs. Import and export of goods and services cant take place without help of 10digit import export code iec allocated by the ministry of commerce to manufacturers and traders. Export of goods and services simplification and revision of declaration form for exports of goodssoftware. With the rapid development of the technology sectors in many lowcost countries, more and more u. Simplification and revision of declaration form for exports. In this article, we would mainly be discussing about the benefits available to service exporters.
Crystal exports founded in the year 2005, is a new generation company engaged in the manufacturing, designing and exporting of cable terminals, copper bonded earth rods, stainless steel cable ties and many other related earthing and electrical accessories our factory is located in the outskirts of mumbai in the industrial area of vasai. Dealing in software or any consulting services need not require any import export license. Import export code exemptions in india iec legalraasta. Iec 623681 applies to the safety of electrical and electronic equipment for audio, video, information and communication technology. This release supports installation and development on microsoft windows xp workstations. Is iec code necessary for export of servicesservice exporters. How is iec code important for exporter importer business. Parameter settings, integrated into icp expert software for the avs 67 are displayed in. Please note that gst law treats software as service. Iec import export code, is a 10 digit unique number that is required for an exporter and an importer. Iec is issued by the directorate general of foreign trade dgft, ministry of commerce and industries. Once again government of india has made a classical mistake.
Rewards for exports under meis will be payable as a percentage of realized fob value. The code enables indian companies to partake in the business of imports and exports. Service exports from india scheme seis under indian foreign trade policy 201520 ftp 201520 is one of the two schemes introduced in foreign trade policy of india 201520, as a part of exports from india scheme. With the implementation of the gst, it said gstin would be used for purposes of credit flow of igst on import. The ideal electrical design software compliance with bs 7671. Also, banks require the importers ie code while sending money abroad. Did you hear about registration under stpi software. This evolution diminished the interaction between software suppliers and customers, while increasing the access for customers around the world to a broad range of software products. Export of goods and software realization and repatriation of export proceeds liberalization. This is the sector, which allows your business to grow rapidly and increase your global reach. Raakesh saraff, has been hosting this content mostly. These benefits are provided to both service exporters as well as exporters of goods. The first requirement before you start an import export business in india is to obtain an iec. Service exports from india schemeseis consultant get 7%.
Code iec, gst registration is mandatory for all companies who export services. It is an irony that a nation that is known to be power house of software has not focus of tax authorities on software exports. Directorate general of foreign trade dgft organisation javascript is a standard programming language that is included to provide interactive features, kindly enable javascript in your browser. As per the foreign trade policy ftp in india, every importer and exporter is required to get iec code to start import export from india. Practically speaking however, you only need an iec if you are going to be making sizeable exports and. Iec code registration online import export license iec consultant. Since 1996 eximguru has been the most authoritative, searchable encyclopedia of india foreign trade rules, regulations and policies. For incentives to exporters of goods, refer this article incentives to exporters of goods under the meis scheme.
So technically speaking, if i create even one software program and sell it to a party based in the united states, it is an export and i need to get an iec. All businesses which are engaged in import and export of goods require registering import export code. A this article would address whether import export code for export of services is also required. Seis scheme 5% incentives by govt to service exporters. Technically, iec importer exporter code is mandatory if you are exporting anything from india. This ensures optimal timing, unlike third party switching valve accessories with complicated, standalone control software.
If we have an iec, can we import to all ports of india. Aug 28, 2017 the gst was welcomed by all as a revolutionary measure. Import export code required for export of services. As per the foreign trade policy, it is mandatory to obtain iec for exportimport from india. The gst was welcomed by all as a revolutionary measure. Ocrs export documentation software helps to ensure that your company meets the compliance benchmarks and in effect improves operational efficiencies with enhanced status tracking capabilities and management of all export processes. Do you need an import export code for software and. Import export code more commonly known as iec is a ten digit code number.
New firms that are planning to do exportimport business should consider names ending with exports eg. Director general of foreign trade dgft, ministry of commerce government of india allots this number. Software delivery has evolved from a physically transferred product to a product now most often disseminated through electronic transmissions of the software code. Object of this scheme is to encourage service exports. Export controls for software companies what you need to know. It is a 10 digit number which is allotted by the director general of foreign trade dgft, ministry of commerce. Gst export invoice format configuration in tally tax gyan loading. Inward remittance received towards software exports, exporter to be registered party in stpi. Promotional measures are always beneficial for a healthy start. Iec import export code certificate, bank statements. You need to apply for an importer exporter code iec if you want to import or export anything to and from india to other countries. It is a 10 digit code which is issued by the directorate general of foreign trade dgft.
Iec registration is required by a person for exporting or importing goods. In order to complete the clearance process, shipping documents are thus required and the type of documents which are needed for importing or exporting of transactions usually depend on the type of goods which the businessman have. Those who wish to import or export in india have to compulsorily obtain import export code iec. Applications winch are complete in all respects are normally disposed of within two days. The importexport certificate also known as iec license is the code you need to do importexport business in india. Merchandise exports from india scheme meis this scheme applies to the export of certain goods to specific markets. Normally, to make the work easier, customs agents are hired who submit this shipping bill through custom online software system icegate. On december 20, 2020, products on the market will need to meet the requirements of the new iec 623681 standard. Traders need to declare only gstin for export, import. Icegate indian customs edi gateway is an ecommerce portal of the indian customs which offers services such as efiling of bills of entry import goods declaration. This incentive scheme is eligible for certain list of service exporter who have valid iec and rcmc. Iec code registration import export code ie application.
Have you satisfied with this article about importing exporting from different ports of india against iec import export code number from dgft. To import or export in india, iec code is mandatory. Worldwide software is a professionally managed software engineering services company that has successfully delivered several complex, enterprisewide systems and solutions since its inception in 1991. We had covered one earlier topic, how gst will work for software exporters. Iv incase payment is towards advance under purpose code p0103 and p0807, then please provide confirmation from beneficiary bank that beneficiary will comply with the guidelines prescribed in the rbi a. Hence, there may be a mention continue reading software exports gst makes it difficult to do. Developed software export from india by stp setup unit and procedure for software export off shore services and disposal of softex form and check list for export declaration. The iec issued is valid for all the branches or factories of the importerexporter, as the.
Importer exporter code for software services company. When an exporter deals with the foreign buyers, he should always be prepared in order to provide samples of his products. Aug 02, 2019 merchandise exports from india scheme meis this scheme applies to the export of certain goods to specific markets. But there are some categories defined by dgft, which are exempted from taking this code. The department of commerce is committed to helping u. Mandatory documents to be uploaded for new iec a bank certificate preprinted cancelled cheque required b address proof of the firm required. How to start import export business in india legally. Compliance required for exporting software services from india. Sep 04, 2012 technically, iec importer exporter code is mandatory if you are exporting anything from india. Iec registration online import export license enterslice. So before starting a import and export business you have to require pre checklist i.
Is import export code for export of services also required. Msp430 iec60730 software package can be installed as part of msp430ware driver library or it can be use as a stand alone library. Some however feel that its to be taken only if you need service tax exemption. There is a small license fee that you need pay along with the required documents while applying for the iec code online or offline. Iec india registration is required by a person for exporting or importing goods. Pan based code only one iec would be issued against a single pan. It is given to an importer or exporter by director general of foreign trade, ministry of commerce and industries, government of india. In case multiple iec is allotted inadvertently or otherwise, the same may be surrendered to the regional office. It thus depends on him in order to provide his products samples whether they are free of cost or on a minimum charge. Import and export business is a very common and hot term in the world of business. Directorate general of foreign trade ministry of commerce.
Oct 15, 2017 how is iec code important for exporter importer business. Our services include the complete software life cycle from requirements gathering, design, development, testing to deployment. Mar 12, 2020 the importexport certificate also known as iec license is the code you need to do importexport business in india. Apr 19, 2016 service exports from india scheme seis under indian foreign trade policy 201520 ftp 201520 is one of the two schemes introduced in foreign trade policy of india 201520, as a part of exports from india scheme. Simplification and revision of declaration form for. A this article would address whether import export code for export of services is also required iec stands for import export code. Practically speaking however, you only need an iec if you are going to be making sizeable exports and your income from export of services is more than rs. The import export code or the ie code is a unique 10digit alphanumeric code issued by the directorate general of foreign trade dgft and is regulated by the ministry of commerce. Accounts books to be properly maintained and kept upto date. However, exemption from obtaining iec number shall not be applicable for export of special chemicals, organisms, materials, equipment and technologies scomet as listed in appendix 3, schedule 2 of itc hs except in the case of exports by category ii above. Oct 23, 20 service providers, who are also rendering services outside india always had this doubt, whether they also need to get themselves registered and get import export code.
In order to simplify the existing form used for declaration of exports of goodssoftwares, a common form called export declaration form edf has been devised to declare all types of export of goods from nonedi ports and a common softex form to declare single as well as bulk software exports. Iec india iec in india import and export code in india. So, iec basically is the first requirement that should be taken care of when you start importing exporting. If an iec holder does not wish to operate allotted iec number, he may surrender same by informing issuing authority. Seis is scheme introduced to promote export of services from india. Thanks to all these schemes, exports have increased by a right margin, and there is a favorable atmosphere among the business community. Once an exporter or importer obtained an iec import export code, he can export or. All importers who import goods are required to obtain import export code registration and all exporters need this code to obtain the benefits of exports. Developed software export from india by stp setup unit and procedure for software export off shore services and disposal of softex form.
The ie code must be quoted by importers while clearing customs. Guide for online iec application form for import export. An iec code is obtained to operate as an exporterimporter in india. Get the latest iec code exports data of india with details as price, exporter name, shipment date, indian export port, quantity, importing countries,exporters and suppliers list in india. Sep 01, 2016 export controls for software companies what you need to know many u. Requirement those who wish to import or export in india have to compulsorily obtain import export code. Where an iec number is lost or misplaced, issuing authority may consider requests for grant of a duplicate copy of iec number, on an affidavit. Based on iec code registration, organizations or firms can take advantage of and subsidies for their importsexports from the dgft. Import export code online application form for iec. Documents required for exports customs clearance legalraasta. The other scheme is merchandise exports from india scheme meis.